Brent crude dropped $2.66 to trade at $80.97 a barrel at 1000 GMT, while U.S. West Texas Intermediate crude slid $2.39 to $73.89
Oil prices fell to near their lowest levels this year on Monday as street protests against strict COVID-19 curbs in China, the world’s biggest crude importer, stoked concern about the outlook for fuel demand.
Markets appeared volatile ahead of an OPEC+ meeting this weekend and a looming G7 price cap on Russian oil. The Organization of the Petroleum Exporting Countries and its allies including Russia, known as OPEC+, will meet on Dec. 4. In October, OPEC+ agreed to reduce its output target by 2 million barrels per day through 2023.
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